RIYADH: The Cabinet on Tuesday reiterated its stance to support international efforts for regional disarmament and expressed its concern over the Iranian role that is detrimental to the peace and stability of the Middle East.
The meeting, chaired by King Salman, expressed its concern over Tehran’s announcement of downgrading its commitment to the 2015 nuclear agreement and an escalation of threats from terrorist armed militias supported by the Iranian regime.
The ministers also discussed a UN project, funded by Saudi Arabia and the Russian Federation, to curb terrorism, organized crime and illicit weapons trade in Central Asia. The program, which will be implemented in 2020-21, seeks to establish preventive mechanisms to make the world a safer place.
The Cabinet also lauded plans to develop the Jafurah gas field, which will be developed with a $110 billion investment.
The ministers stressed the Kingdom’s commitment to diversifying its economy, benefiting from its resources and bolstering its pioneering position in the global energy market.
The Jafurah field — which lies southeast of Ghawar, the world’s largest conventional oil field — holds an estimated 200 trillion cubic feet of wet gas, and is capable of producing 130,000 barrels per day of ethane and 500,000 barrels per day of gas liquids and condensates.
Over 22 years, Jafurah could generate $8.6 billion a year in income and contribute $20 billion a year to the Kingdom’s gross domestic product.
The development of the Jafurah field will have ramifications not just for Saudi Arabia and its drive toward a cleaner energy mix, but also for the global gas market.
The Cabinet was also briefed about King Salman’s talks with US Secretary of State Mike Pompeo that took place in Riyadh last week. The talks tackled regional and international developments.
The ministers also reviewed the outcome of the first meeting of the finance ministers and central bank chiefs of the Group of 20 (G20) countries. The Cabinet reaffirmed Saudi Arabia’s commitment to using all available policy tools to achieve sustainable growth.
The ministers also approved a new system of ownership and management of real estate units.